In a report published Friday, Dahlman Rose & Co. upgraded its rating on RPC (NYSE: RES) from Sell to Hold.

Dahlman Rose noted, “We see a neutral risk-reward between our downside value of $10 (-7%), based on 1.5x replacement value and an upside valuation of $12, based on 5x 2013 EBITDA (+11%)...RES is currently trading at 2.6x P/TBV, a 30% discount to its historical average of 3.8x and 112% above its historical trough P/TBV of 1.25x. The stock is trading at 2.6x P/TBV, 70% of its historical average of 3.8x, a level we view as appropriate as the industry potentially recovers in 2013.”